You have heard "location, location, location?" Well, in the Franklin Massachusetts and greater Boston area it is all about price now. Most every home will sell if the price is right according to recent sales and fair market value.
A few recent examples stand out for me that illustrate how significant price really is. Two homes were listed in a desirable Franklin, MA neighborhood during the past year. The recent sales data indicated that both properties, being well-maintained homes on level lots, were worth between $399,000 and $410,000.
Home A:
- listed at $399,000
- received 5 offers within the first few days on the market
- ultimately sold for $8000 over their asking price
- closing within 30 days of listing the home
Home B:
- listed at $429,000
- received one offer after 30 days which the seller rejected
- terminated contract with first agent after 60 days
- relisted with agent #2 at same price
- still sitting on the market for a total of 200 days
The lesson here is to price right from the start or even slightly under fair market value and buyers will flock to your home. You don't ever want to be chasing the market as prices may be falling like Home B. Your time is too valuable to spend 7 months trying to sell your home--time is money so let's not waste it. With luck and proper marketing you may even end up with multiple offers!
If you need help trying to determine proper pricing of your home in this changing market, give me a call or email and I will provide the honest information you need.